Vishal Thakkar, Deputy CFO of Anupam Rasayan India, said the company expects strong medium-term growth from its proposed acquisition of Bliss GVS Pharma.

Vishal Thakkar, Deputy CFO of Anupam Rasayan India says its proposed Bliss GVS Pharma acquisition will strengthen its pharmaceutical platform across formulations and custom synthesis, while improving access to the US and European markets. The company expects utilisation and margins at Bliss to improve steadily over the next few years. Vishal Thakkar, Deputy CFO of Anupam Rasayan India, said the company expects strong medium-term growth from its proposed acquisition of Bliss GVS Pharma, as it looks to deepen its presence in the pharmaceutical value chain beyond key starting materials (KSMs) and custom synthesis. Thakkar said Anupam Rasayan sees significant scope to improve Bliss GVS Pharma’s capacity utilisation and margins over the next two to three years, supported by stronger access to markets such as the US, Europe and India. He added that the company remains comfortable with its balance sheet despite the acquisition and currently has no immediate plans for further inorganic expansion. For the January-March quarter of 2026 (Q4FY26), Anupam Rasayan India reported revenue growth of 27% year-on-year (YoY) at ₹635 crore compared to ₹500 crore a year earlier. However, earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 6% to ₹140 crore from ₹150 crore, while operating profit margins narrowed sharply to 22% from 30%. Profit after tax (PAT) fell 11% year-on-year to ₹56 crore versus ₹63 crore in the corresponding quarter last year. Shares of the Surat-based company have gained nearly 37% over the past year, taking its market capitalisation to around ₹15,397.98 crore. This is an edited transcript of the interview.Q: Let’s talk about the Bliss GVS deal. Bliss is largely a formulation and branded export pharma company, while you are in custom synthesis and speciality chemistry. What is the synergy here? A: Bliss is in the pharma sector, but if you look at Anupam over the last three to five years, we have steadily grown our pharma portfolio from a few crores to now nearly 20% of our revenue. We are more in the KSM space, while they are into formulations, so together we will be able to offer a full platform to customers. If you look at Bliss today, capacity utilisation is around 30%. Their presence in the US, Europe and India is still relatively small, and these are geographies where we have traditionally been strong. We believe we can help them grow there. There will be a full integration approach. Similar to what we did with Tanfac, where we used our technology and marketing capabilities to scale the business over time, we believe we can do the same here as well. Also Read | Anupam Rasayan sees agrochemical demand recovery, aims for 25-30% revenue growth Q: Is improving utilisation an easy fix, or will it need an operational overhaul? Also, what will Anupam look like once this transaction is completed? A: Bliss recently added capacity and is also in the process of adding more. So, this is not just about capacity availability, but also about the growth opportunity in Europe, the US and India. We believe that in the near- to medium-term, we should be able to take utilisation closer to full capacity. I don’t see it as very heavy lifting, though execution will obviously be important. Bliss currently has revenue of around ₹1,000 crore with decent EBITDA margins. Once we scale utilisation to around 70-80%, the business size will naturally grow. We also believe margins should move upward, potentially into the 20% range alongside growth. Q: What’s the timeline for this? A: First, let us consummate the transaction. But broadly, I would say the timeline is around two to three years. Q: The total acquisition outgo, including the open offer, could be around ₹2,200 crore. How are you planning to fund it, and how are you thinking about leverage? A: The debt coming onto my balance sheet will only be around ₹300 crore. The rest is coming in as quasi-equity, so there is no significant leverage being added. Even on a consolidated basis, the company generates healthy EBITDA and cash flows, so it looks pretty comfortable for us. Q: Operating margins came in at 22%, lower than 30% a year ago and below the previous quarter, the October-December quarter of 2025 (Q3FY26), as well. What caused the deterioration, and what’s the guidance going ahead? A: If you look at annual margins, we are still at around 25% EBITDA margins. Historically, we have guided for EBITDA margins in the range of 25%, plus or minus two percentage points. Quarter-on-quarter, there can be movement. Last year’s margins were slightly higher than normal, and I had mentioned earlier as well that those numbers were elevated compared to our usual levels. Watch the full conversation hereQ: You have completed multiple acquisitions in recent years. But some investors are wondering if there are more deals coming. A: We have already done two acquisitions this calendar year — one was Jayhawk in February-March, and another, which we expect to complete in the next two to three months, subject to approvals and the open offer process. I think we have done enough for now. There is nothing more on the horizon that I can comment on at this stage. Catch all the latest updates from the stock market here

Cancer cells can stay hidden in the body for years before causing a relapse.

Meningioma is the most common brain tumor in adults.

Scientists who study the Y chromosome expect to find a record of loss.